Obama, Congress Still Miles Apart on U.S. Budget

Washington's fight over taxes, entitlements and spending cuts will spill into another year.

There's little chance that Congress will send President Obama a budget to sign in April. Lawmakers have already locked in their paychecks, though, despite the crowing over a new law that claims "no budget, no pay" for members of the House and Senate.

Turns out, the law that requires Congress to pass a budget by April 15 or forfeit their pay doesn't do what its supporters said it would do. Yes, the measure requires lawmakers to pass a budget bill by then, but the two chambers don't have to pass the same bill, and it doesn't have to be signed into law.

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Kenneth R. Bazinet
Associate Editor, The Kiplinger Letter